BTC UPDATE
The triangle was a maybe a flat correction instead. We got good confluence both at the 50% and the 61.8%. To support our case that this is a 4th wave, i would like us to bounce of the 50%, or else this will be less likely to be a 4th wave. I see us either in an over all flat corrective pattern. Correcting our free fall from the 6k region.
A 4th wave usually corrects to the end of the 4th of the third which lines up exactly at the 50%. Also a flat correction retraces often to the 1.618% in relationship to the A wave which also lines up nearly on top of the 50%
At the 61.8%, we also see some confluence. The potential third wave impulse of the C wave was just over 100% length of the 1st, which is a bit shallow. That might make the 5th wave extended or and could indicate that 5th will be 100% length of the third projected from second. which lines up at the 61.8% from the second wave from swing low to swing high of the third.
A 4th wave usually corrects to the end of the 4th of the third which lines up exactly at the 50%. Also a flat correction retraces often to the 1.618% in relationship to the A wave which also lines up nearly on top of the 50%
At the 61.8%, we also see some confluence. The potential third wave impulse of the C wave was just over 100% length of the 1st, which is a bit shallow. That might make the 5th wave extended or and could indicate that 5th will be 100% length of the third projected from second. which lines up at the 61.8% from the second wave from swing low to swing high of the third.
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